Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has reaffirmed its directive to banks regarding the utilisation of foreign currency (FCY) revaluation gains. In a circular released by the bank on Thursday and signed by the Acting Director of the Banking Supervision Department, Adetona Adedeji, the CBN advised banks against undertaking such actions. In the circular, referencing a letter dated 11 September 2023, the CBN emphasised the need for banks to exercise utmost prudence in handling these gains. According to the directive,…

In a bid to address the lingering price distortions affecting the Naira’s exchange rate, the Central Bank of Nigeria (CBN) has authorised the sale of $20,000 to eligible Bureaux De Change (BDCs). The decision comes after the bank said it observed continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. According to a circular on Tuesday by Hassan Mahmud, the Director of the Trade & Exchange Department at the CBN,…

The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Atiku Abubakar, on Sunday, said he would have encouraged the Central Bank of Nigeria (CBN) to adopt “a gradualist approach to FX management”. In an X post on Sunday, Atiku made grand recommendations for turning the economy around, while referencing a Thursday meeting with President Bola Tinubu. He explained that the move would have been a panacea to curbing the free fall in the value of the naira against the dollar if…

The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Atiku Abubakar, on Sunday, said he would have encouraged the Central Bank of Nigeria (CBN) to adopt “a gradualist approach to FX management”. In an X post on Sunday, Atiku made grand recommendations for turning the economy around, while referencing a Thursday meeting with President Bola Tinubu. He explained that the move would have been a panacea to curbing the free fall in the value of the naira against the dollar if…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is exploring the possibility of relocating some of its units from Abuja to Lagos. The commission disclosed this in a memo with reference CSA/HGA/MRP/ML/001 dated 14 February and signed by its executive commissioner, Kelechi Ofoegbu. The memo is titled ‘Movement to Lagos’. The commission said the relocation was driven by the need to enhance its service delivery, reduce operational costs and make adequate utilisation of its assets in Lagos.…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will impact the growth of the Nigerian economy, central bank governor Olayemi Cardoso said on Monday. Expressing concerns about the impact of previous MPC meetings on the economy, he said the MPC will complement the fiscal side and ensure that it moves the economy in the right direction. The CBN in January announced the scheduling of the MPC meeting under the leadership of Mr Cardoso for 26 and 27 February. The announcement came six months…

Naira slipped to an all-time low against the United States dollar across forex markets on Tuesday as the Central Bank of Nigeria (CBN) moved to clear dollar backlogs owed to foreign airlines operating in the country. According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday. Meanwhile, the local currency also depreciated further at the unauthorised…

The Central Bank of Nigeria (CBN) on Monday said it injected an additional $500 million into the foreign exchange market. This comes barely a week after it announced that it had so far disbursed approximately $2 billion across pivotal sectors like manufacturing, aviation, and petroleum. A statement signed by the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, said the management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time…

The Central Bank of Nigeria (CBN) has assured depositors and customers of Nigerian banks of the safety of their funds in the banks. The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi-Ali, gave the assurance in a statement on Wednesday. According to Mrs Sidi-Ali, the assurance was informed by reports about a recommendation for the federal government to take over some CBN-supervised financial institutions. The News Agency of Nigeria (NAN) reports that there have been unconfirmed…